Short Interest in GigaCloud Technology Inc. (NASDAQ:GCT) Increases By 8.1%

GigaCloud Technology Inc. (NASDAQ:GCT) was the recipient of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 2,810,000 shares, an increase of 8.1% from the March 15th total of 2,600,000 shares. Currently, 17.0% of the company’s stock are short sold. Based on an average daily trading volume, of 3,160,000 shares, the short-interest ratio is currently 0.9 days.

Wall Street Analyst Weigh In

Separately, Roth Mkm boosted their price objective on GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd.

Insider Activity

In other GigaCloud Technology news, COO Xinyan Hao sold 1,088 shares of GigaCloud Technology stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the transaction, the chief operating officer now owns 1,148,912 shares in the company, valued at $37,178,792.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other GigaCloud Technology news, COO Xinyan Hao sold 1,088 shares of GigaCloud Technology stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the transaction, the chief operating officer now owns 1,148,912 shares in the company, valued at $37,178,792.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Kwok Hei Lau sold 2,619 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total value of $79,879.50. Following the completion of the sale, the chief financial officer now directly owns 27,803 shares of the company’s stock, valued at approximately $847,991.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 506,287 shares of company stock worth $14,805,265.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. CWM LLC purchased a new stake in shares of GigaCloud Technology in the fourth quarter valued at approximately $30,000. Quarry LP acquired a new stake in shares of GigaCloud Technology during the fourth quarter valued at $47,000. State of Wyoming acquired a new stake in shares of GigaCloud Technology during the second quarter valued at $27,000. Morgan Stanley acquired a new stake in shares of GigaCloud Technology during the fourth quarter valued at $25,000. Finally, Royal Bank of Canada purchased a new position in GigaCloud Technology during the fourth quarter worth about $108,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Stock Performance

Shares of NASDAQ GCT traded down $0.13 during mid-day trading on Wednesday, reaching $34.96. 2,695,271 shares of the company’s stock were exchanged, compared to its average volume of 3,130,144. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 14.95 and a beta of 2.26. GigaCloud Technology has a 52-week low of $4.93 and a 52-week high of $45.18. The company’s 50-day moving average is $32.50 and its 200-day moving average is $20.58.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Friday, March 15th. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.29. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. The company had revenue of $244.74 million during the quarter, compared to analysts’ expectations of $220.30 million. As a group, equities analysts predict that GigaCloud Technology will post 2.58 earnings per share for the current fiscal year.

About GigaCloud Technology

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.